tag:blogger.com,1999:blog-79192591687027863882024-03-14T11:51:30.989+05:30All India Chartered Accountant's Society - The Chartered Accountant World - CA WorldLatest Updates of audit, Taxation, CA related Blogs By Chartered Accountant - AICASaicashttp://www.blogger.com/profile/04280760604126028498noreply@blogger.comBlogger4433125tag:blogger.com,1999:blog-7919259168702786388.post-995721770285452512022-07-25T14:54:00.005+05:302022-07-25T16:31:43.799+05:30Non disclosure of Foreign assets or exempt income in ITR<div class="separator" style="clear: both;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjEuL9wnTj-I8_oGDrAFgrCSl0yLVod34Jn8zjqyW5edXwEmaJlfqAogzBsLXwl5qQfem9xgcxHONYHU93HjpjINh2k2peu-EvmVKU0paky1Eaw1MV2JNqJVOaEbRvwMavOirqyn0kerA_BDWEIEP7oDRdllW-c_NgJHMnZc_66j9PtC3AoyGBazW-i/s180/FURNISHING_OF%20EVIDENCE.jpg" style="clear: left; display: block; float: left; padding: 1em 0px; text-align: left;"><img alt="" border="0" data-original-height="180" data-original-width="180" height="200" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjEuL9wnTj-I8_oGDrAFgrCSl0yLVod34Jn8zjqyW5edXwEmaJlfqAogzBsLXwl5qQfem9xgcxHONYHU93HjpjINh2k2peu-EvmVKU0paky1Eaw1MV2JNqJVOaEbRvwMavOirqyn0kerA_BDWEIEP7oDRdllW-c_NgJHMnZc_66j9PtC3AoyGBazW-i/w200-h200/FURNISHING_OF%20EVIDENCE.jpg" width="200" /></a></div>
<p></p><ul style="text-align: left;"><li><div class="separator" style="clear: both; text-align: justify;">There are various Incomes which are exempted from the levy of income tax in the hands of the person who is receiving the amount. Not disclosing the exempt Income in ITR is not the correct manner to file an Income Tax Return and this may have some consequences. These Incomes are required to be disclosed in Schedule EI in the Income Tax Return (ITR).</div><div style="text-align: justify;"><br /></div></li><li><div style="text-align: justify;">Mere non-disclosure of exempt income in ITR wouldn't amount to escaped income - (ACIT v. Swastic Safe Deposit and Investments Ltd. - [2020] 118 taxmann.com 94 (SC))</div><div style="text-align: justify;"><br /></div></li><li><div style="text-align: justify;">The assessee, out of ignorance or inadvertence has omitted to mention the details of exempt income in the relevant ‘Schedule EI’. So, the ignorance of the assessee or inadvertent mistake committed by the assessee should not come in his way in claiming exemption, which is otherwise allowable under the Act.(Goodwill Management Pvt. Ltd. Vs DCIT (ITAT Bangalore) Appeal Number : ITA No. 670/Bang/2020)</div><div style="text-align: justify;"><br /></div></li><li><div style="text-align: justify;">4. Mere non-disclosure of a foreign asset in the income tax return, by itself, is not a valid reason for a penalty under the Black Money Act, if the source of investment is well explained by the assessee.Unless there are sufficient prima facie reasons to at least doubt the bonafides well demonstrated by the assessee, an assessee cannot be visited with penal consequences. The bona fide actions of the taxpayers must, therefore, be excluded from the application of provisions of such stringent legislation as the BMA.Additional Commissioner of Income Tax Central Range 1, Mumbai Versus Leena Gandhi Tiwari (29 March, 2022)</div><div style="text-align: justify;"><br /></div></li><li><div style="text-align: justify;">AO’s order imposing penalty under sec. 270A is appealable before CIT(A):</div><div style="text-align: justify;">Section 246A(1)(q) specifically includes “an order imposing a penalty under chapter XXI”. Chapter XXI of the Income Tax Act, 1961 covers Sections 270 to 275. Thus, Section 270A dealing with underreporting and misreporting of income is duly covered.Therefore, the appeal against an order imposing penalty under section 270A, as passed by the AO, is appealable before the Commissioner (Appeals).</div><div style="text-align: justify;"><br /></div></li><li><div style="text-align: justify;">No concealment penalty even for not disclosing income in ITR if shown in balance sheet - Assessee, in the instant case, has not concealed the income deliberately (particularly in the light of the fact that advances have been shown in the balance sheet filed even along with the original return) and therefore, is not liable for imposition of penalty under Section 271(1)(c) of the IT Act. PCIT Vs Trisha Krishnan (Supreme Court),01/04/2019</div><div style="text-align: justify;"><br /></div></li><li><div style="text-align: justify;">As far as imposition of penalty under the IT Act is concerned, there is a legal presumption against Assessee and it is for the Assessee to prima facie show bonafides in that regard. The moment the Assessee shows the same, the onus shifts to the Revenue to establish that the concealment was deliberate and willful.</div><div style="text-align: justify;"><br /></div></li><li style="text-align: justify;">8. Penalty will not be imposed merely because it was lawful to do so. Whether penalty should be imposed for failure to perform a statutory obligation is a matter of discretion of the authority to be exercised judiciously and on consideration of all the relevant circumstances.</li></ul><p></p>aicashttp://www.blogger.com/profile/04280760604126028498noreply@blogger.com0tag:blogger.com,1999:blog-7919259168702786388.post-81004267475253085912017-03-15T17:04:00.000+05:302017-04-26T15:40:53.431+05:30Quick Updates<div dir="ltr" style="text-align: left;" trbidi="on">
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<ul>
<li>Cretificate for lower TDS 'Person specific and not income specific</li>
<li>Cretificate for lower TDS ‘Person specific’ and not ‘Income specific’</li>
<li>Shri G.D Aggarwal appointed as President of ITAT</li>
<li>Interest earned by Mauritius Bamk from Indian securities is exempt in India</li>
<li>No section for 54F relief if newly aquired house is instantly demolished</li>
<li>RBI allows NRIs to invest in exchange-traded currency derivatives</li>
<li>Furnishiung of Aadhar is mandatory for final settlement of Pension calimes</li>
</ul>
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aicashttp://www.blogger.com/profile/04280760604126028498noreply@blogger.com1tag:blogger.com,1999:blog-7919259168702786388.post-44267736395390424492017-03-15T17:03:00.000+05:302017-04-26T15:41:24.251+05:30Centre sets up credit registry to help banks tackle stressed assets<div dir="ltr" style="text-align: left;" trbidi="on">
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<a href="https://4.bp.blogspot.com/-FIRi7dwdWbc/WQByREnpUoI/AAAAAAAABIQ/IBUov4u6oksgzymzCJGAVTIvt9-Q60IYwCLcB/s1600/CENTRE-SETS-UP-CREDIT-REGISTRY-TO-HELP-BANKS-TACKLE-STRESSED-ASSETS.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="200" src="https://4.bp.blogspot.com/-FIRi7dwdWbc/WQByREnpUoI/AAAAAAAABIQ/IBUov4u6oksgzymzCJGAVTIvt9-Q60IYwCLcB/s200/CENTRE-SETS-UP-CREDIT-REGISTRY-TO-HELP-BANKS-TACKLE-STRESSED-ASSETS.jpg" width="200" /></a></div>
To enable the banking sector tackle the problem of stressed assets, which now stands at about 12 lakh crore, the Centre has set up an National E-Governance Services.</div>
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aicashttp://www.blogger.com/profile/04280760604126028498noreply@blogger.com0tag:blogger.com,1999:blog-7919259168702786388.post-14583794585164162342017-03-15T17:02:00.000+05:302017-04-26T15:41:44.332+05:30Interest on refund is available from date of reassessment when there is suppression of facts by assessee<div dir="ltr" style="text-align: left;" trbidi="on">
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<a href="https://2.bp.blogspot.com/-96-BfGI7Phk/WQByWTE3YeI/AAAAAAAABIU/8wYRU0xcimwqpw3MZpSfWljiNKkoBEHYACLcB/s1600/INTEREST-ON-REFUND-IS-AVAILABLE-FROM-DATE-OF-REASSESSMENT-WHEN-THERE-IS-SUPPRESSION-OF-FACTS-BY-ASSESSEE.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="200" src="https://2.bp.blogspot.com/-96-BfGI7Phk/WQByWTE3YeI/AAAAAAAABIU/8wYRU0xcimwqpw3MZpSfWljiNKkoBEHYACLcB/s200/INTEREST-ON-REFUND-IS-AVAILABLE-FROM-DATE-OF-REASSESSMENT-WHEN-THERE-IS-SUPPRESSION-OF-FACTS-BY-ASSESSEE.jpg" width="200" /></a></div>
Interest on refund is available from date of reassessment when there is suppression of facts by assessee</div>
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<i>Bawa Trading Co. v. Sales Tax Officer* [2017] 78 </i><i>taxmann.com 104 (Orissa</i>)</div>
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aicashttp://www.blogger.com/profile/04280760604126028498noreply@blogger.com0tag:blogger.com,1999:blog-7919259168702786388.post-39001550430924486072017-03-15T17:01:00.000+05:302017-04-26T15:42:39.131+05:30CBEC launches mobile application for GST<div dir="ltr" style="text-align: left;" trbidi="on">
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<a href="https://2.bp.blogspot.com/-8XtumoZbNWI/WQByh68lx_I/AAAAAAAABIY/D40gThN-G0gXhiSKBdEytVfB9zOtGdEkACLcB/s1600/CBEC-LAUNCHES-MOBILE-APPLICATION-FOR-GST.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="200" src="https://2.bp.blogspot.com/-8XtumoZbNWI/WQByh68lx_I/AAAAAAAABIY/D40gThN-G0gXhiSKBdEytVfB9zOtGdEkACLcB/s200/CBEC-LAUNCHES-MOBILE-APPLICATION-FOR-GST.jpg" width="200" /></a></div>
In step with the goernment's Digital India Initiative, the Central Board of Excise and Customs (CBEC) has launched a mobile applicatrion for 'Goods And Service Tax'.Taxpayers can readily access a host of GST information such as:</div>
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<ul>
<li>Migrations to GST-Approach and guidelines for migration</li>
<li>Draft Law-Model GST law, IGST law and GST compensation law</li>
<li>Draft Rules-Rules related to registeration, returns, payment, refund and invoice</li>
<li>Frequently Asked Questions (FAQs) on GST</li>
<li>Various resources on GST such as videos, articles etc.</li>
<li>Related website links</li>
</ul>
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aicashttp://www.blogger.com/profile/04280760604126028498noreply@blogger.com0tag:blogger.com,1999:blog-7919259168702786388.post-23437360321009349582017-03-15T16:59:00.001+05:302017-04-26T15:43:02.334+05:30Labelling and packing of handmade 'Biri' in plastic wrappers isn't manufacturing: Calcutta HC<div dir="ltr" style="text-align: left;" trbidi="on">
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<a href="https://1.bp.blogspot.com/-5NrjectWMYY/WQByp6tZf4I/AAAAAAAABIc/xkl4eHno-yMI4Nt0P402RAAnavWZ3RJuACLcB/s1600/LABELLING-AND-PACKING-OF-HANDMADE-BIRI-IN-PLASTIC-WRAPPERS-ISN%2527T-MANUFACTURING-CALCUTTA-HC.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="200" src="https://1.bp.blogspot.com/-5NrjectWMYY/WQByp6tZf4I/AAAAAAAABIc/xkl4eHno-yMI4Nt0P402RAAnavWZ3RJuACLcB/s200/LABELLING-AND-PACKING-OF-HANDMADE-BIRI-IN-PLASTIC-WRAPPERS-ISN%2527T-MANUFACTURING-CALCUTTA-HC.jpg" width="200" /></a></div>
The High Court of Calcutta held that labelling and packing of handmade biri in printed plastic wrappers with aid of power operated machine to bring into existence retail pack would not come within purview of 'manufacture'.</div>
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<i>Deputy Commissioner of Central Excise, Siliguri v. Kishan </i><i>Biri Mfg. Co.* [2017] 78 taxmann.com 167 (Calcutta)</i></div>
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aicashttp://www.blogger.com/profile/04280760604126028498noreply@blogger.com0tag:blogger.com,1999:blog-7919259168702786388.post-301321890991426942017-03-15T16:59:00.000+05:302017-04-26T15:43:26.803+05:30Upgradation of aircrafts to be treated as manufacturing activity, not liable to Service Tax<div dir="ltr" style="text-align: left;" trbidi="on">
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<a href="https://2.bp.blogspot.com/-83qGj7diKQ4/WQBywKH6GCI/AAAAAAAABIg/ZxrNxCQ_rkcctMuWLlp7nyuDXhIALeeVACLcB/s1600/UPGRADATION-OF-AIRCRAFTS-TO-BE-TREATED-AS-MANUFACTURING-ACTIVITY%252C-NOT-LIABLE-TO-SERVICE-TAX.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="200" src="https://2.bp.blogspot.com/-83qGj7diKQ4/WQBywKH6GCI/AAAAAAAABIg/ZxrNxCQ_rkcctMuWLlp7nyuDXhIALeeVACLcB/s200/UPGRADATION-OF-AIRCRAFTS-TO-BE-TREATED-AS-MANUFACTURING-ACTIVITY%252C-NOT-LIABLE-TO-SERVICE-TAX.jpg" width="200" /></a></div>
The CESTAT, Allahabad Bench held that activities to upgrade aircrafts being manufacturing activities, is not 'maintenance and repair services'.</div>
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<i>Hindustan Aeronautics Ltd. v. Commissioner of Central Excise, Kanpur* [2017] 78 taxmann.com 68 (Allahabad - CESTAT)</i></div>
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aicashttp://www.blogger.com/profile/04280760604126028498noreply@blogger.com1tag:blogger.com,1999:blog-7919259168702786388.post-17233163419203676032017-03-15T16:58:00.000+05:302017-04-26T15:43:49.788+05:30SIM Card replacement charges are liable to service tax and not VAT: Madhya Pradesh HC<div dir="ltr" style="text-align: left;" trbidi="on">
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<a href="https://3.bp.blogspot.com/-W1G132xK1R0/WQBy1E9zZ8I/AAAAAAAABIk/HRPxCqyLjzwkHxgHf11jRk5pDfOTOM-hwCLcB/s1600/SIM-CARD-REPLACEMENT-CHARGES-ARE-LIABLE-TO-SERVICE-TAX-AND-NOT-VAT-MADHYA-PRADESH-HC.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="200" src="https://3.bp.blogspot.com/-W1G132xK1R0/WQBy1E9zZ8I/AAAAAAAABIk/HRPxCqyLjzwkHxgHf11jRk5pDfOTOM-hwCLcB/s200/SIM-CARD-REPLACEMENT-CHARGES-ARE-LIABLE-TO-SERVICE-TAX-AND-NOT-VAT-MADHYA-PRADESH-HC.jpg" width="200" /></a></div>
The High Court of Madhya Pradesh held that where assessee provided various kinds of telecom services such as cellular, fixed line and broadband services and paid service tax thereon, levy of VAT on SIM card replacement charges and lease line charges received by assessee from subscribers not justified.</div>
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<i>Idea Cellular Ltd. v. Assistant Commissioner of Commercial Tax, LTU, Indore* [2017] 78 taxmann.com 106 (Madhya Pradesh)</i></div>
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aicashttp://www.blogger.com/profile/04280760604126028498noreply@blogger.com0tag:blogger.com,1999:blog-7919259168702786388.post-29952811234892536412017-03-15T16:57:00.000+05:302017-04-26T15:44:15.565+05:30Leasing of earthmoving equipment would attract VAT and not service tax<div dir="ltr" style="text-align: left;" trbidi="on">
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<a href="https://2.bp.blogspot.com/-ObKgBeXJ7IE/WQBy8Wdbe8I/AAAAAAAABIo/kADA6OCXQP4pJRnLHdVz0SF3-bPETv75QCLcB/s1600/LEASING-OF-EARTHMOVING-EQUIPMENT-WOULD-ATTRACT-VAT-AND-NOT-SERVICE-TAX.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="200" src="https://2.bp.blogspot.com/-ObKgBeXJ7IE/WQBy8Wdbe8I/AAAAAAAABIo/kADA6OCXQP4pJRnLHdVz0SF3-bPETv75QCLcB/s200/LEASING-OF-EARTHMOVING-EQUIPMENT-WOULD-ATTRACT-VAT-AND-NOT-SERVICE-TAX.jpg" width="200" /></a></div>
The CESTAT, Mumbai Bench held that assessee was engaged in renting of earthmoving equipments and terms and conditions stipulated in agreement entered into between assessee and lessor led to conclusion that transaction envisaged in agreement was one of transfer of right to use goods, assessee's activity of giving equipments on hire did not fall under category of 'supply of tangible goods for use'</div>
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<i>Gimmco Ltd. v. Commissioner of Central Excise & Service Tax, Nagpur* [2017] 78 taxmann.com 30 (Mumbai - CESTAT)</i></div>
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aicashttp://www.blogger.com/profile/04280760604126028498noreply@blogger.com1tag:blogger.com,1999:blog-7919259168702786388.post-20951528753514487152017-03-15T16:56:00.000+05:302017-04-26T15:44:47.281+05:30Services Tax exempted on services<div dir="ltr" style="text-align: left;" trbidi="on">
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<a href="https://4.bp.blogspot.com/-ifMMfSnJBxQ/WQBzD5ySrrI/AAAAAAAABIs/0tuVuO8n_ecsmasMCPzMV-N4nelBuUaEgCLcB/s1600/SERVICES-TAX-EXEMPTED-ON-SERVICES.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="200" src="https://4.bp.blogspot.com/-ifMMfSnJBxQ/WQBzD5ySrrI/AAAAAAAABIs/0tuVuO8n_ecsmasMCPzMV-N4nelBuUaEgCLcB/s200/SERVICES-TAX-EXEMPTED-ON-SERVICES.jpg" width="200" /></a></div>
Services by way of carrying out,-</div>
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<li>Any process amounting to manufacture or production of goods excluding alcoholic liquor for human consumption; or </li>
<li>Any intermediate production process as job work not amounting to manufacture or production in relation to specified cases </li>
<li>Process amounting to manufacture or production of goods" means a process on which duties of excise are leviable.</li>
</ul>
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aicashttp://www.blogger.com/profile/04280760604126028498noreply@blogger.com0tag:blogger.com,1999:blog-7919259168702786388.post-40459862249850936392017-03-15T16:55:00.000+05:302017-04-26T15:45:11.769+05:30Delhi slashes VAT on jet fuel for regional airlines to 1%<div dir="ltr" style="text-align: left;" trbidi="on">
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<a href="https://4.bp.blogspot.com/-_UKhkkjcku0/WQBzKjppPaI/AAAAAAAABIw/dzy1oXGk86EX4GTzb3lzvXhivQCeeWELACLcB/s1600/DELHI-SLASHES-VAT-ON-JET-FUEL-FOR-REGIONAL-AIRLINES-TO-1%2525.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="200" src="https://4.bp.blogspot.com/-_UKhkkjcku0/WQBzKjppPaI/AAAAAAAABIw/dzy1oXGk86EX4GTzb3lzvXhivQCeeWELACLcB/s200/DELHI-SLASHES-VAT-ON-JET-FUEL-FOR-REGIONAL-AIRLINES-TO-1%2525.jpg" width="200" /></a></div>
The Delhi goverenment announced reduction in VAT on jet fuel for regional carriers flying out of Delhi airport.The VAT on Aviation Turbine Fuel(ATF) bought for regional flights will be charged at the rate of 1% and not 25%.</div>
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aicashttp://www.blogger.com/profile/04280760604126028498noreply@blogger.com0tag:blogger.com,1999:blog-7919259168702786388.post-8432127327123067482017-03-15T16:38:00.000+05:302017-04-26T15:45:36.988+05:30Decision of board to increase share capital nullified as it was taken in absence of petitioner director: NCLT<div dir="ltr" style="text-align: left;" trbidi="on">
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The National Company Law Tribunal, Hyderabad Bench held that where respondents had taken several major decisions including enhancement of authorised share capital in board meetings in absence of petitioner, such things constituted oppression and mismanagement of affairs of respondent-company and decision to enhance authorised share capital was declared null and void.</div>
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<i>M. Sridhar Reddy v. Rohini Auto Electricals (P.) Ltd. [2017] 78 taxmann.com 27 (NCLT - Hyd.)</i></div>
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aicashttp://www.blogger.com/profile/04280760604126028498noreply@blogger.com0tag:blogger.com,1999:blog-7919259168702786388.post-18248067497545197902017-03-15T16:37:00.000+05:302017-04-26T15:46:05.991+05:30States at the forefront of labour law reform<div dir="ltr" style="text-align: left;" trbidi="on">
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<a href="https://3.bp.blogspot.com/-BZYjKPIXL0c/WQBzXkPNE2I/AAAAAAAABI4/hRdmxQL-ixEZzn4nGWhT-J0byZi6dokPQCLcB/s1600/STATES-AT-THE-FOREFRONT-OF-LABOUR-LAW-REFORM.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="200" src="https://3.bp.blogspot.com/-BZYjKPIXL0c/WQBzXkPNE2I/AAAAAAAABI4/hRdmxQL-ixEZzn4nGWhT-J0byZi6dokPQCLcB/s200/STATES-AT-THE-FOREFRONT-OF-LABOUR-LAW-REFORM.jpg" width="200" /></a></div>
<b>Rajasthan</b><br />
<br />
<ul style="text-align: left;">
<li>Industrial Disputes Act, 1947 Relaxes hire-andfire policy</li>
<li>Factories Act,1948 increases threshold limit for firms, from 20 workers to 40</li>
<li>Contract Labour (Regulation & Abolition) Act, 1970 industries will be able to hire more temporary</li>
<li>workers</li>
</ul>
<b>Maharashtra</b><br />
<ul>
<li></li>
<li>Contract Labour (Regulation & Abolition) Act,</li>
<li>1970 increases threshold limit of applicable factories, from 20 workers to 50</li>
<li>Factories Act,1948 reduces units under the law</li>
</ul>
<b>Madhya Pradesh</b><br />
<ul>
<li></li>
<li>Madhya Pradesh Labour Laws (Amendment) Act, 2015 allows easier retrenchment policy and</li>
<li>night shifts for women</li>
</ul>
<b>Gujarat</b><br />
<ul>
<li></li>
<li style="text-align: justify;">Labour Laws ( Gujarat Amendment) Bill, 2015 introduces compromise as a dispute mechanism.</li>
<li style="text-align: justify;">Allows prohibition of strike in public utility services</li>
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aicashttp://www.blogger.com/profile/04280760604126028498noreply@blogger.com0tag:blogger.com,1999:blog-7919259168702786388.post-77828614096424585552017-03-15T16:30:00.000+05:302017-04-26T15:46:32.200+05:30Government eases India Inc's labour law compliance burden<div dir="ltr" style="text-align: left;" trbidi="on">
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Persisting with its labour reforms agenda, the government has pruned the number of registers mandatory for all establishments to maintain under nine central Acts to just five from 56, and the relevant data fields to 144 from 933, a move hailed by the industry as it would ease compliance burden.</div>
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aicashttp://www.blogger.com/profile/04280760604126028498noreply@blogger.com0tag:blogger.com,1999:blog-7919259168702786388.post-55870110608711448142017-03-15T16:29:00.000+05:302017-04-26T15:53:07.681+05:30Sebi to open commodities route for AIFs<div dir="ltr" style="text-align: left;" trbidi="on">
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The board of the Securities and Exchange Board of India (Sebi) has initiated the process of opening up the country's commodity derivatives market to new participants. Sebi is working on allowing AIFs, particularly the category III (such as hedge funds) segment in commodity derivatives market.</div>
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Sebi has already written to the Reserve Bank of India and ministry of agriculture for their comments.</div>
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aicashttp://www.blogger.com/profile/04280760604126028498noreply@blogger.com1tag:blogger.com,1999:blog-7919259168702786388.post-11660036496005990322017-03-15T16:28:00.000+05:302017-04-26T15:50:45.823+05:30Sebi mandates integrated reporting by listed firms<div dir="ltr" style="text-align: left;" trbidi="on">
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The markets regulator has made it mandatory for top 500 listed companies to submit Business Responsibility Report which will give details on areas such as environment, governance and stakeholder's relationships.</div>
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aicashttp://www.blogger.com/profile/04280760604126028498noreply@blogger.com0tag:blogger.com,1999:blog-7919259168702786388.post-33973560932519701332017-03-15T16:27:00.000+05:302017-04-26T15:47:36.788+05:30Ajay Tyagi appointed as new SEBI chairman<div dir="ltr" style="text-align: left;" trbidi="on">
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The government appointed Ajay Tyagi as the ninth chairman of the Securities and Exchange Board of India (SEBI). Tyagi, who was the additional secretary, Department of Economic Affairs in the finance ministry, has been appointed for a period of five years.</div>
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aicashttp://www.blogger.com/profile/04280760604126028498noreply@blogger.com0tag:blogger.com,1999:blog-7919259168702786388.post-51966193423334392042017-03-15T16:22:00.000+05:302017-04-26T15:53:36.561+05:30Online registration of market intermediaries, common application form<div dir="ltr" style="text-align: left;" trbidi="on">
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The registration of financial market intermediaries like mutual funds, brokers, portfolio managers, etc., will be completely made online by SEBI. Also, SEBI, RBI, and CBDT will take necessary steps to put in place systems and procedures to introduce a common application form for registration, opening of bank and demat accounts, and issue of PAN card.</div>
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aicashttp://www.blogger.com/profile/04280760604126028498noreply@blogger.com0tag:blogger.com,1999:blog-7919259168702786388.post-22644701784703500782017-03-15T16:17:00.000+05:302017-04-26T15:54:00.839+05:30Cyber Security Audit Technology<div dir="ltr" style="text-align: left;" trbidi="on">
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The ministry of electronics and information technology (MeitY) via its computer emergency response team (CERT-in) launched desktop tools and mobile applications for citizens to tackle cyber security.The new tools, which are developed by the Centre for Development of Advanced Computing (C-DAC) includes white-listing software AppSamvid, USB Pratirodh tool to control unauthorised usage of portable USB storage devices, and mobile device security app M-Kavach.</div>
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Besides this, the government has also launched the Cyber Swachhta Kendra - Botnet Cleaning and Malware Analysis Centre for analysis of malware and botnets that affect networks and systems - which is operated by CERT-In. Whenever an infection is detected, the central government will send alerts on the infected IP addresses to the Internet Service Providers, who in turn will inform the end-user about the malware and botnet infections on their system.</div>
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aicashttp://www.blogger.com/profile/04280760604126028498noreply@blogger.com0tag:blogger.com,1999:blog-7919259168702786388.post-86091615807977895842017-03-15T16:16:00.000+05:302017-04-26T15:54:26.833+05:30CA guilty of professional misconduct as he failed to highlight suspicious book entries during audit<div dir="ltr" style="text-align: left;" trbidi="on">
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The High Court of Delhi held that where respondent-chartered accountant was statutory auditor of company but failed to discharge its duty to enquire whether transactions which were merely book entries were prejudicial to interest of company, respondent was guilty of professional misconduct and his name was to be removed from register of member of ICAI for a period of 5 years.'.</div>
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<i>Council of The Institute of Chartered Accountants of India v. CA G.S. Johar [2017] 78 taxmann.com 286 (Delhi)</i></div>
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aicashttp://www.blogger.com/profile/04280760604126028498noreply@blogger.com0tag:blogger.com,1999:blog-7919259168702786388.post-89189690464997684392017-03-15T16:15:00.000+05:302017-04-26T15:54:51.324+05:30ICAI may 'temporarily suspend' erring members<div dir="ltr" style="text-align: left;" trbidi="on">
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The Institute of Chartered Accountants of India (ICAI) is toying with the idea of introducing the concept of "temporary suspension" of erring members as part of broader improvement of its disciplinary mechanism of the audit profession, said Nilesh Vikamsey, newly elected President.</div>
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aicashttp://www.blogger.com/profile/04280760604126028498noreply@blogger.com0tag:blogger.com,1999:blog-7919259168702786388.post-5209839852132603452017-03-15T16:14:00.000+05:302017-04-26T15:59:10.330+05:30Payment made for supply of software embedded in equipment couldn't be taxed as royalty<div dir="ltr" style="text-align: left;" trbidi="on">
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The In the ITAT Kolkata Bench 'C' income earned by assessee a company incorporated in Netherlands from on-shore supply of software and licenses for mere purpose of operating equipment is for 'copyright' in such software because software in question is embedded in equipment supplied under project and cannot be regarded as giving any independent right to use software. Accordingly, such consideration is for purchase of a 'copyrighted article' and hence not taxable as 'royalty'</div>
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<i>HITT Holland Institute of Traffic Technology B.V. v. Deputy </i><i>Director of Income-tax [2017] 78 taxmann.com 101 </i><i>(Kolkata - Trib.</i>)</div>
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aicashttp://www.blogger.com/profile/04280760604126028498noreply@blogger.com1tag:blogger.com,1999:blog-7919259168702786388.post-53320642107748123702017-03-15T16:13:00.000+05:302017-04-26T15:56:02.428+05:30Additional depreciation should be allowed on machinery installed subsequent to year of acquisition<div dir="ltr" style="text-align: left;" trbidi="on">
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The High Court of Gujarat held that additional depreciation to be allowed to assessee on plant and machinery acquired during assessment year but installed after end of year.</div>
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<i>Principal Commissioner of Income-tax, Vadodara-2 v. IDMC Ltd.* [2017] 78 taxmann.com 285 (Gujarat)</i></div>
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aicashttp://www.blogger.com/profile/04280760604126028498noreply@blogger.com0tag:blogger.com,1999:blog-7919259168702786388.post-3882686981467714732017-03-15T16:12:00.001+05:302017-04-26T15:56:28.718+05:30Section 50C doesnot apply to transfer of leasehold rights in land: Bombay High Court<div dir="ltr" style="text-align: left;" trbidi="on">
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The High Court of Bombay held that section 50C will not be applicable while computing capital gains on transfer of leasehold rights in land and buildings.</div>
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<i>Commissioner of Income-tax, Central-II, Mumbai v. Greenfield Hotels & Estates (P.) Ltd.* [2017] 77</i></div>
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<i>taxmann.com 308 (Bombay)</i></div>
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aicashttp://www.blogger.com/profile/04280760604126028498noreply@blogger.com0tag:blogger.com,1999:blog-7919259168702786388.post-1146564605156484182017-03-15T16:12:00.000+05:302017-04-26T15:56:53.215+05:30House given to wife for inadequate consideration could be attached to recover tax dues of husband<div dir="ltr" style="text-align: left;" trbidi="on">
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<a href="https://3.bp.blogspot.com/-_yOzRojiE0k/WQB16G6-SwI/AAAAAAAABJ0/DLsqD94gGdMayDDFymFznY2ENJxzsBgQACLcB/s1600/HOUSE-GIVEN-TO-WIFE-FOR-INADEQUATE-CONSIDERATION-COULD-BE-ATTACHED-TO-RECOVER-TAX-DUES-OF-HUSBAND.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="200" src="https://3.bp.blogspot.com/-_yOzRojiE0k/WQB16G6-SwI/AAAAAAAABJ0/DLsqD94gGdMayDDFymFznY2ENJxzsBgQACLcB/s200/HOUSE-GIVEN-TO-WIFE-FOR-INADEQUATE-CONSIDERATION-COULD-BE-ATTACHED-TO-RECOVER-TAX-DUES-OF-HUSBAND.jpg" width="200" /></a></div>
The High Court of Kerala held that where assessee's husband transferred a property to her for inadequate consideration during block period for which search was carried out against him, in case of failure of assessee to pay tax demand determined in block assessment proceedings, department could proceed against aforesaid property of assessee under Explanation to section 222(1).</div>
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<i>T.S. Sujatha v. Tax Recovery Officer* [2017] 78 taxmann.com 93 (Kerala)</i></div>
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aicashttp://www.blogger.com/profile/04280760604126028498noreply@blogger.com0